EU and UK’s Russia Sanctions: Unprecedented Response to Ukraine Invasion
International Trade and Investment Alert™ | March 11, 2022
In response to Russia’s invasion of Ukraine, the EU and UK imposed a series of unprecedented sanctions on Russian individuals and entities. Those sanctions followed a “first wave” adopted within hours on 23-24 February after Russia’s so-called “recognition of independence” of the republics in the Donbas region (eastern Ukraine). The scope, speed and international alignment of these new sanctions is unprecedented and truly remarkable. It results in yet the most deterrent set of measures imposed by the EU and United Kingdom. They: (i) materially hamper Russia’s access to western financial markets, (ii) increase pressure on high-profile Russian political and economic elites and (iii) restrict access to inputs for key Russian industries (energy, aviation and defence). These powerful sanctions will undermine Russia’s continued ability to finance its war efforts, to diminish Russia’s military capabilities. At the same time, sanctions will markedly impact trading relationships with Russia. This client note will update on the scope of the various new EU/UK sanctions since February 25, 2022 and highlight current differences between the EU and UK regimes.
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